Item
2.01 Completion of Acquisition or Disposition of Assets
Acquisition
of Free Share X- Change Limited and its subsidiary
On February 17,
2020, Ecco Auto World Corp (the “ECCO”) and Mr Joson Yeo Hung Kwang Mr Chai Kok Leong and Mr Loke Che Chan, Gilbert,
each representing 49.5% ,49.5% and 1% shareholding of Free Share X- Change Limited, an Anguilla corporation, (“FSX”)
entered into a Sale and Purchase Agreement (the “FSX Purchase Agreement”), pursuant to which ECCO acquired 100% of
the issued and outstanding shares of FSX (the “Acquisition”). As consideration thereof, ECCO agreed to paid cash consideration
of US$15 to the sharaeholders
Mr Joson Yeo Hung Kwang , is a director of ECCO and also
director of FSX. Mr Loke Che Chan, Gilbert owned 2% of the issued
and outstanding shares of ECCO.
FSX
wholly owned a subsidiary Vtrade Technology Sdn Bhd, (the “Vtrade”) in Malaysia, is a private Limited company incorporated
in July 12th, 2018
FSX
and its subsidiary, is engaged in providing system and software development, Information technology (IT) consultancy and managed
services. The business of wholly owned subsidiary engaged is as set forth below:
Name
|
|
Business
services
|
|
|
|
Vtrade
Technology Sdn Bhd
(Incorporated
in Malaysia)
|
|
Providing
software development, Information Technology consultancy,
providing maintenance and managed services for the developed software and system. It focuses on Hong
Kong and Malaysia clients
|
The
following are the services offered by the Group:
a)
system specification and design requirement scoping consultation
b)
assessment of system security architectures services
c)
review and design of system framework services
d)
review and design of security protocol services
e)
security review of existing systems and infrastructure
f)
recommending the most appropriate security infrastructure compliance
g)
solution design documentation services
h)
project management services
i)
software / application development
j)
software / application maintenance & managed services
Corporate
Organizational Chart of FSX
As
a result of the acquisition of all the issued and outstanding shares of Free Share X-Change Limited, ECCO have now assumed Free
Share X-Change business operations as its own business operation and believe that the acquired entities will broaden the range
of services and also the enhance the capacity for the Company to further expand to market in Asia especially to China and
Taiwan.
The
foregoing description of the FSX Purchase Agreement is a summary only and is qualified in its entirety by the copy of the Agreement
filed in its Form 8-K filed on February 18 2020.